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Mainland state-owned news sites rumoured to IPO in Shanghai

24 October 2011 0 h 17 min 6 comments

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According to Tencent Tech, the China Securities Regulatory Commission (CSRC) has approved plans by several Chinese state-owned news websites to IPO on the Shanghai Stock Exchange.

The source said that state-owned media outlets seeking to IPO likely include the People’s Daily newspaper, Xinhua News Agency, and news website subsidiaries belonging to China Central Television (CCTV).

By allowing them to raise money on the market, Beijing hopes that these state-owned news websites will be stronger to compete with new media powerful rivals such as search giant Baidu Inc or microblogging platform Sina Weibo.

SOURCES: tencent.com, reuters (24/10/11)

CNBC Asia to provide CCTV with financial updates in Mandarin

NHK licenses three drama series to China’s CCTV-8

ITV sells crime dramas to China

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